We hit the 6.8k range, but not as far down as we hoped. A retest of the prior support is around $7250. Price rising to this range would provide a good entry for a short. Stoch RSI has bottomed out, which would indicate some selling exhaustion. We are also noticing Bitfinex has a ton of hidden orders around the 6.9k region. At current price levels be very careful opening up a short. It seems there is some mild liquidation behavior happening during this sideways movement and several of out technical indicators support a mild run up to the blue hashed line seen above - $7250 region.
Many are calling for $7400, but the retracements on this leg are much shallower than previous legs (legs being 11k to 6.5k, then 6.5k to 10k, then 10k to 6k...you get the idea). Additionally, after we peaked on a leg and started to head down, price tended to test the 200MA after falling below. This would support that $7250 level as well as 200MA is at $7210 right now.